Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Mysticforex

Simple Trend Trade

Recommended Posts

I have posted 6 setups so far. 3 went to profit, 3 did not open or I stood aside. No losers.

There will eventually be losers, but with the R/R we were able to use you should make more than you lose.

 

I started using this method about 5 years ago. It has proved to be dependable in just about all market conditions. It's not a Grand Slam, but I am able to eek some pips out of the market with it.

 

Should I continue with a few more examples?, or am I beating a dead horse?

Share this post


Link to post
Share on other sites

I've enjoyed reading you posts Mysticforex. No dead horse flagellation here. Thanks :-)

 

If you don't mind sharing --- what sort of overall profit factor (total profits / total losses) have you seen using this approach, over the time that you've been trading it?

 

-bbc

Share this post


Link to post
Share on other sites
I've enjoyed reading you posts Mysticforex. No dead horse flagellation here. Thanks :-)

 

If you don't mind sharing --- what sort of overall profit factor (total profits / total losses) have you seen using this approach, over the time that you've been trading it?

 

-bbc

 

I don't keep records that detailed. I record all my trades in a notebook. The trading platform has the time I entered a trade. If I can't remember why I entered a trade I check the time then the chart. Then it is usually clear to me why I entered.

 

The method shown here probably represents about 5% of my trading over the years, with a win rate of about 63-64%. I am primarily a counter trend trader, but the method I use for that while not complex is a little more detailed.

 

I will continue to post setups using "Simple Trend Trade" as long as there is demand, but none today. I am getting an early start to a long holiday weekend. Back for Tuesday London.

 

I will also see what I can come up with for a simple counter trend trade and start a new thread. I have also been meaning to start a thread for trading a range bound, ascending or descending channel using trend lines.

 

Have a good weekend.

 

 

I will continue to post setups

Share this post


Link to post
Share on other sites

With the bump in prices on Friday we are due for a resumption of trend, or at least a retrace.

Her is the GBP/USD... it is not quite oversold yet. We wait for it to become oversold, the on a "Good" bearish candle, with the stoch coming out of oversold we short. S/L would be a little above the most recenthigh. TP would be the area of support. There is weak support @ 15230 and some strong demand ! @15280.

guscot.thumb.gif.65c5f92bbb0ee2d37331aba38a53d968.gif

Share this post


Link to post
Share on other sites

Ok, here's one we can watch. EUR/USD 4 Hour Chart.

 

Price is below the 200 SMA, so we are in a down trend. The stoch looks like it wants to go into overbought. Remember, don't jump the gun... wait for it to be overbought. Then if/when it comes out of overbought... with a "NICE" looking candle, short. TP would be a new low...

S/L would be just above the most recent high when the trade opens.

 

Play this one close to the chest. There is a lot going on we don't know about.

 

This is not a suggestion to buy or sell currency. It is just an idea on how to look for opportunity.

euscot.thumb.gif.b88089290d6cc7509d4974e32fbfa7fe.gif

Share this post


Link to post
Share on other sites

Here's a possibility if it opens...

 

1 hour USD/CAD. Price just below 200 SMA, Stoch oversold. If we come out of oversold on a good bearish candle I would short to around the 10200 area. Stop would go a little above 10330.

ucad.thumb.gif.6f375cd209c91cb0235bd8f48235574c.gif

Share this post


Link to post
Share on other sites

1 hour USD/CAD has opened and is currently in profit. I am moving my S/L to BE @10303.

I don't usually do this but in light of recent $$$ strength, and EU fears, I am doing so this time. I am also tired and want to get some sleep :)

ucad.thumb.gif.9bc699c6963d628a2d37c023618706c0.gif

Share this post


Link to post
Share on other sites

2 Pairs worth watching into tomorrow. EUR/AUD and USD/CAD on the 1 hour chart.

Both are trading below the 200 SMA but moving toward it, the stoch is moving up on both as well. If we get into overbought on these, we will be looking to sell on the stoch coming out of overbought with a nice bearish candle. You can also view this as a bounce down off the 200 SMA.

I will be watching these and post if/when I see them open.

 

Here's the charts:

euraudscot.thumb.gif.190af388fce00b49bca2897cb757ff3e.gif

ucadscot.thumb.gif.2854182b2f019cce849b1dd2fc5d2550.gif

Share this post


Link to post
Share on other sites

EUR/AUD getting closer but not ripe yet. The current candle closes in 50 min...

Here's a chart on a different template I use. This one has a faster stoch, 50 sma,and 20sma.

This template might provide an earlier entry, but it is something I just started working with.

It's based on Steve Bigalow book, "High Profit Candlestick Patterns" Steve is a stock trader and money manager.

euraudscot.thumb.gif.a8b00ca29bbf02bf9c9de7c6886f968b.gif

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • @sxiqxx, Well done on making your first post a promising strategy. @everyone, post up if you want this coded into an EA. Although I switched to TradeStation, I still have an active MT5 demo with MetaEditor. I can code it without referencing object oriented programming which should be retroactively compatible with MT4. Let me know...
    • Please allow me to retort (in jest): RESPONSE 1 : Get a job supervising others where you're in control of performance reports and ride those others 100%. This makes your performance 100% with little to no effort.   RESPONSE 2: Feel free to piss off your boss but stay nonviolent. When the side effects of his viagra and testosterone boosters cause him to physically assault you, you have the legal upper hand. This can result in a boatload of trading capital.   RESPONSE 3: Feel free to have intimate relations with your boss if she finds you attractive. Rest assured that mum's the word because once again, you have the legal upper hand. This can also result in a boatload of trading capital.   RESPONSE 4: Don't be fake friends with any enemies... unless you need information from them. Being fake friends with everyone will cause you to become an empty shell of a person with no direction in life.   REPONSE 5: Get your boss to become reliant on your performance (really, just the performance of your subordinates), and then plan an "overheard" conversation wherein you fake an interview with another potential employer. You'll probably get a pay increase or a promotion.   RESPONSE 6: If you can give your 75% percent to a project, give 50% and rely on your legal upper hand(s). Learn to write trading algo's during your other 50%.   RESPONSE 7: Take all of the office boys out to nightclub where you merely sip soft drinks on a weeknight. Upon your return to the office in the morning, inform the security guards that all of the office boys are intoxicated. Your boss will love you for it.   RESPONSE 8: Never try to prove your client wrong or find faults in their processes, but do secretly collect their information in case you jump ship or "someone you know" decides to start his own company.   RESPONSE 9: Never stay in a firm for too long. Instead, use your ill-gotten capital to exit the rat-race and start trading.   RESPONSE 10: Trading pays more than your career. Interpersonal skills are now irrelevant. Use your technical skills for trading. Never stop learning and keep updating your technical skills.😁
    • There are a lot of trading strategies like elliot waves, wyckoff etc so we need to apply those who best suited to our need and are understandable too.
    • Scalping can be good during the high volatile markets however the new traders should be careful while entering and exiting the markets too quickly since they can make losses as well. If the broker support news trading we can make most out of the scalping in my opinion.  
    • In my opinion these candlestick charts are more easier to understand as compared with the other charts.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.